Facebook Aims To Develop Its Own New Cryptocurrency

Facebook is indicating that it is “exploring” the blockchain ecosystem to develop its own cryptocurrency.

According to Cheddar reports, Facebook users anticipated that the social media giant will be committed and “very serious” to make their own new virtual coin a reality.

This speculation was later confirmed by David Marcus, the head of Facebook’s app Messenger. He revealed that he is “setting up a small group” and posted it in his personal Facebook

“I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.”

But Marcus isn’t alone. CEO of the social media giant Facebook, Mark Zuckerberg, also showed his fascination and interest to the workings of cryptocurrency on his post.

“With the rise of a small number of tech companies—and governments using technology to watch their citizens—many people believe technology only centralizes power rather than decentralizes it.”

Before the year 2017 ended, Zuckerberg became a board member of Coinbase, a cryptocurrency exchange. Implementing the cryptocurrency is a huge step up for the company which led Zuckerberg to leave Messenger to be completely hands-on with the new team.

This new team will have members less than a dozen at most, and was revealed that few Instagram executives are joining Marcus. The engineering vice president, James Everingham and vice president of product, Kevin Weil will be in the team.

It also pushed the company to reorganize and establish these divisions: “family of apps,” “central product services” and “new platforma and infra.”

The “family of apps” will be run by Chief Product Officer Chris Cox. Stan Chudnovsky, product head of Messenger, will be in-charge to the overall operations of the messaging app.

The team that Mark is developing will be under “new platforma and infra” and CTO Mike Schroepfer will take over in this division.

Facebook’s vice president of growth, Javier Olivan, will be responsible for the last division, “central product services.”

The Facebook CEO believed that the decentralized system will be the driving force to regain control to the hands of the people, and cryptocurrency holds the key.